Allica Bank secures £110m Series B funding from Atalaya Capital Management to support scaling and acquisitions
The funding round was led by Atalaya Capital Management and will help finance the acquisition of AIB's SME lending portfolio.
Allica Bank is a fintech challenger bank providing credit and payment services to established small and medium-sized enterprises in the United Kingdom. It combines proprietary technology with local relationship managers to serve business customers.
Allica Bank has secured £110m in a Series B funding round led by Atalaya Capital Management, with participation from existing backer Warwick Capital Partners. The capital will support the company as it scales its operations, invests in proprietary technology, and funds the acquisition of AIB's SME lending portfolio.
Since launching its lending operations in March 2020, the bank has issued over £500m in committed loan offers. The fresh injection of funds and the addition of the AIB portfolio are expected to push the combined lending book past £1bn following full completion in 2022.
From the founder
"While most digital and challenger banks are focused on specialist lending markets or secondary payment accounts, this transaction demonstrates how Allica is leading the charge in taking on the mainstream 'high street' banking market for established, growing SMEs. We are fast becoming the SME lender of choice with our powerful mix of proprietary technology and experienced local relationship managers."
Richard Davies
CEO at Allica Bank
Investor perspective
"We are thrilled to support the next growth phase of Allica in its mission to empower SMEs to succeed."
Justin Burns
Managing Director, Atalaya Capital Management
Use of funds
- 01Fund acquisitions
Investors
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About the company
Allica Bank
Allica Bank provides credit and payment services to established small and medium-sized enterprises.